PALO IT and The Great Room hosted the "ESG Strategy - Constraint or pathway to success" masterclass on 26th June 2024, welcoming guests from prominent ESG-focused organizations. The evening was filled with meaningful networking and collaboration, as we explored how to transform ESG imperatives into competitive advantages that drive business success.
In recent years, the concept of ESG (Environmental, Social, and Governance) has gained significant traction worldwide. Hong Kong, as a bustling metropolis and a global financial hub, is not immune to the growing importance of sustainability and responsible practices. Today, we delve into the ESG landscape in Hong Kong, with a particular focus on the real estate, finance, and fashion sectors. We have invited Delphine Lefay form OnTheList, Hideki Suzuki From Manulife Investment Management, and Phoebe Leung form Swire Properties to discuss how to turn their ESG initiatives into competitive edges that drive business success.
How did their ESG journey begin?
Swire Properties, a pioneer in responsible development for over 50 years, has integrated ESG into their core strategy. With their SD 2030 Strategy and comprehensive governance framework, the company aims to be the leading SD performer in the industry by 2030. Their commitment to sustainability sets an example for the real estate sector.
Manulife Investment Management recognized the importance of ESG early on and became a signatory to the UN Principles for Responsible Investment in 2015. They have since established a dedicated sustainable investment team, ensuring ESG integration in their investment decision-making processes. By embracing global sustainable finance trends, Manulife stays at the forefront of responsible investing in Hong Kong.
OnTheList, in the fashion industry, tackles the issue of excess inventory. While stock destruction is not prevalent in Asia, OnTheList aims to turn inventories into opportunities. By offering exclusive sales events for premium brands' excess inventory, they promote responsible consumption and reduce waste. Their unique approach bridges the gap between sustainability and consumer demand.
How do the ESG strategies contribute to the business success?
When asked about how the ESG programs are related to their business performance, Phoebe from Swire Properties highlighted their significant strides in integrating ESG practices into operations. They actively embrace low-carbon building materials and drive sustainability in the supply chain, positioning themselves as a trusted and responsible developer, appealing to environmentally conscious stakeholders.
Delphine from OnTheList positioned the company as a pioneer in promoting circular economy and sustainability. Their exclusive sales events for excess inventory contribute to a win-win model for brands and society, attracting customers who prioritize sustainable shopping options.
Hideki from Manulife Investment Management emphasized their commitment to transparency and ESG integration. By incorporating ESG factors into their analysis, they make informed investment decisions and enhance their competitive edge, driving positive change and delivering value to clients.
Levers to implement a winning ESG strategy
For those who haven't defined a CSR/ESG strategy yet, here's the advice: seek senior executive buy-in, establish clear communication channels, and draw inspiration from successful ESG programs. Focus on the real value ESG can bring, engage with experts, start with concrete actions, and adopt a test-and-learn approach.
Conclusion
We had the privilege of hosting three exceptional speakers, Delphine, Hideki, and Phoebe, who shared valuable insights on implementing ESG initiatives and the benefits they bring to businesses. They emphasized the significance of ESG practices in Hong Kong, highlighting improved reputation, risk mitigation, and long-term value creation. Practical steps discussed included securing executive buy-in, setting measurable goals, and aligning ESG efforts with business objectives. By integrating these insights, companies can embark on their own ESG journeys, contributing to a more sustainable and responsible future.
Commentary from the Panelists
Moving Forward...
To dive deeper into the comprehensive insights and strategies for maximizing ROI with ESG data management, download PALO IT's full, free whitepaper on the topic, Maximizing ROI with ESG Data Management, and discover how integrating sustainability into your business operations can unlock growth, enhance performance, and drive positive impact.
